DOR Wisconsin Lottery and Gaming Credit Program

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To deduct any losses from your eligible income, you must itemize your deductions and not take the standard deduction You can only deduct as much of your losses

No, Under Section 58, no tax exemption or deduction can be claimed on winning cash or assets as a prize from a game show, lottery, etc You As per the IRS “You may deduct gambling losses only if you itemize your deductions on Schedule A and kept a record of your winnings

best us poker site Together, that's nearly a billion dollars in prizes But with the odds of winning either one so incredibly low, nearly everyone will be holding If you itemize your deductions on Schedule A , you can deduct gambling losses you had during the year, but only up to the amount of